China deals final blow on cryptos, says all related services are illegal By BTC Peers

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China deals final blow on cryptos, says all related services are illegal The People's Bank of China has issued a new document detailing its plans to toughen its clampdown on cryptocurrency trading activities. According to a Friday announcement from the central bank, all services that facilitate exchange between fiat currencies and crypto assets or between crypto assets are to be regarded as illegal henceforth. The new regulations will likely affect over-the-counter services that are still available on Huobi, OKEx, and Binance. These services allow Chinese users to participate in crypto trading activities by exchanging their fiat into digital assets. Furthermore, the notice stipulates that offering crypto derivatives trading services in China is also illegal, even for foreign exchanges that offer such services to Chinese residents. However, it is still unclear if Huobi, OKEx, and Binance will comply and discontinue their OTC services. The Peoples Bank of China warned indi
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